REMINDER! Deadline to Complete Financial Reports!

Each year, Associations are required to prepare and complete, or contract for the preparation and completion of, a financial report for the preceding fiscal year. This report must be completed no later than 120 days after the end of the fiscal year or other date provided in the bylaws. For most Associations, this deadline is April 30, 2022! Once completed, an association is required to mail or hand deliver to each owner a copy of the financial report or a notice that a copy of the most recent financial report will be mailed or hand delivered to the unit owner, without charge, within 5 business days after receipt of a written request from the unit owner. The type of financial reporting requirement depends on the level of revenues generated by the association as follows:

Associations with total annual revenues of $500,000 or more are required to prepare audited financial statements.
Associations with total annual revenues of $300,000, but less than $500,000, are required to prepare reviewed financial statements.
Associations with total annual revenues of $150,000 or more, but less than $300,000, are required to prepare compiled financial statements.
Associations with total revenues less than $150,000 are required to prepare a report of cash receipts and expenditures.